Shopping for a revenue management system can be an overwhelming experience. So many companies and solutions are touting the benefits of their software and services, so it can be hard to know which one is right for your property. In this blog, I wanted to share ten tips to help you figure out which RMS is the best one for your hotel:
Before you even start researching, you need to know your requirements. What pain points does the solution need to solve? What is nice to have, and what is crucial for your hotel and operations? And what are the desired outcomes and results you want to achieve when you have a revenue management solution up and running in your hotel?
It’s hyperbole to say there are as many RMS companies as stars in the sky, but it can feel true when you start your research. Now that you know which specific pain points you want the solution to resolve and the outcomes you wish to achieve, you can begin the search. During your search, consider the following aspects:
The best starting point is to see if what RMS systems integrate with your current hotel technology. Integrations are an essential consideration when choosing an RMS; to get the full functionality of the RMS, it will need to be integrated with your PMS and/or channel manager with a two-way integration. This two-way integration enables the RMS to push rates automatically back into your PMS or Channel Manager to ensure that your reservations and inventory as always up to date in all your distribution channels. Also, keep in mind that if the solution that you choose isn’t already integrated with the vendors who created your PMS and channel manager, you may need to pay a substantial upfront fee for the integration to be developed on your behalf.
This one is self-explanatory; if you can’t understand how to use the system when you do a demo, that’s a red flag. The RMS you choose should be user-friendly, with an intuitive interface, so that anyone – no matter their technical abilities – can easily navigate the solution and use it to its full capability. More functions are not always better since they might add more complexity when using the product.
Some essential features to consider are automated pricing updates in your PMS, forecasting, demand tracking, and reporting. It’s also important to know how often the RMS updates your pricing in your PMS; some systems don’t update your prices automatically (which requires you to do manual work), while others do this automatically multiple times per day, which can be a huge advantage because a great deal can change daily in our highly dynamic travel industry.
Choosing solely on price is never good advice, but budgets are worth considering. Besides looking at the monthly fee, check out potential integration fees, and compare the set-up fees. Make sure you get a complete picture of all costs involved so you can compare it against the ROI you can expect to achieve using the solution. Besides price, compare the different vendors’ flexibility; can you switch between the different packages if needed or cancel monthly every month if you want?
Another significant factor; training and support. The initial training on the system should be included with any solution you buy because you need to learn how to use it and its functions. Double-check that the training is included in the set-up fee so there are no unwelcome surprises. In addition, make sure that the RMS you choose can offer you ongoing customer support. Not only from a technical perspective but also from a revenue management support perspective.
Just like when booking travel, it’s essential to read reviews about the RMS you are considering to determine if they are delivering on their promises. Reviewing reviews lets you learn a lot about RMS vendors’ customer service and the solution’s functionality. Check our HotelTechReport and ask your vendor about customer testimonials from other hotels.
Your RMS should make it easy to find the information you need whenever needed to help you make decisions more effectively. The right RMS should provide up-to-date insight and actionable data analytics to help you make better, decision-based pricing decisions.
Although this sounds more abstract, you want to choose a solution that is designed for your property type. Some RMS are designed to meet the specific needs of large chains with conference facilities and group businesses. In contrast, others (like RoomPriceGenie) are developed and optimized for smaller independent properties and have optimized their system for those types of hotels. Considering this can make all the difference in your RMS’s end results (and the ROI you earn).
Ultimately there is nothing better than test-driving the solution yourself. And what is better than a free trial to do so? A trial is an excellent way to confirm you have selected the right vendor and that all your research has led you to the right decision. At RoomPriceGenie, we know you will love our automated pricing solution and therefore offer you free trials without any strings attached.
Want to get started? Book your meeting at https://roompricegenie.com/start-free-trial/ and test-drive our award-winning solution yourself.
Choose wisely, my friends!